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Get filing alertsAdvanced Drainage Systems recasts segment reporting after NDS acquisition
Filed May 21, 2026 · Period ending May 21, 2026 · ~1 min read
Key Changes
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ADS reorganized reportable segments into Stormwater and Wastewater (formerly Infiltrator) following National Diversified Sales acquisition; changed profitability metric from adjusted gross profit to Adjusted EBITDA.
Item 8.01 view on EDGAR → -
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Segment realignment has zero impact on consolidated financials—previously reported net sales, operating income, net income, and earnings per share remain unchanged.
Item 8.01 view on EDGAR → -
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Company furnished recast historical segment data for fiscal 2024-2026 quarterly periods to enable apples-to-apples comparisons under new reporting structure.
Exhibit 99.1 view on EDGAR →
Summary
Advanced Drainage Systems filed a routine disclosure recasting its segment reporting structure following the acquisition of National Diversified Sales. The company now reports results under two segments—Stormwater and Wastewater—and evaluates segment profitability using Adjusted EBITDA rather than adjusted gross profit. Importantly, this is purely a presentation change with no impact on any consolidated financial metrics previously reported to investors.
Retail holders should understand this is administrative housekeeping, not a business development. The recast historical data allows for clean quarter-to-quarter comparisons going forward. Watch upcoming quarterly earnings to see how management discusses performance under the new segment structure and whether the shift to Adjusted EBITDA as the key metric reveals different trends in segment profitability than were visible under the old framework.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
ADS recast historical segment financials following NDS acquisition; no impact on consolidated results.
Added in current filing · verify on EDGAR →
The Segment Realignment had no impact on our previously reported consolidated net sales, income from operations, net income attributable to ADS or earnings per share.
The segment reorganization is purely a reporting change. Total company revenue, operating income, net income, and earnings per share remain unchanged from previously reported figures. Investors can compare current results to historical periods without adjustment.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
following the acquisition of National Diversified Sales (“NDS”) we realigned our reportable segments to align with the manner in which the Chief Operating Decision Maker (“CODM”) assesses performance and makes resource allocation decisions (the “Segment Realignment”). Our revised reportable segments consist of Stormwater and Wastewater (formerly referred to as the “Infiltrator” reportable segment). Further, we changed the measure used to evaluate segment profitability from adjusted gross profit to Adjusted EBITDA.
The company reorganized its reporting structure after acquiring National Diversified Sales. The two new segments are Stormwater and Wastewater (the latter was previously called Infiltrator). Management also switched the profitability metric from adjusted gross profit to Adjusted EBITDA. This is an organizational change in how results are presented, not a change in underlying business performance.
Added in current filing · verify on EDGAR →
ADS provided certain recast historical financial information for quarterly periods within fiscal 2026, 2025 and 2024 attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.
The company is furnishing restated segment-level data for the past three fiscal years under the new reporting structure. This allows investors to compare future quarterly results on an apples-to-apples basis with historical periods.
Event · Item 9.01 — Financial Statements and Exhibits
Advanced Drainage Systems filed a recast of historical segment information, indicating a change in segment reporting structure.
Added in current filing · view on EDGAR →
99.1 Recast of Historical Segment Information
The company has filed a recast of its historical segment information as Exhibit 99.1. This typically occurs when a company reorganizes its business segments or changes how it reports segment results, requiring prior periods to be restated for comparability. Investors should review the recast to understand how segment performance metrics may have changed and whether this affects their understanding of the business.
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Figures/quotes linked to EDGAR · Narrative written by AI · May 24, 2026 · How we verify